economics review Flashcards
(17 cards)
capitalism?
an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state
american economy part 1?
1900s the american economy while not a pure market economy was very close. There was virtually lttle to no government regulation leaving it prone to
- income disparity
- monopolies
- labor tampering
american economy part 2?
the great depression period of unprecedented and unchecked prosperity and with it a false sense of security. Many Americans had overextended their credit and were living beyond their means
4 stages of the business cycle?
1-prosperity
2-recession
3-recovery
4-depression
Keynesian economics?
- demand side of economics
- regulation of the business cycle-government intervention
- john Maynard Keynes
- 1930s
neo-conservatism?
supply side economics
- cuts government spending (individualism)
- too much government spending leads to debt and reduces individual incentive.
- a reaction to Keynesian economics
3 components of obamanomics?
1-government bailouts
2- Healthcare (Obamacare)
3-economic stimulus package
Canada pre 1930s?
- non-interventionist
- mini roaring 20’s
Canada 1930’s?
- great depression
- 25% unemployment
- work camps/building projects
- bank of Canada
Canada 1940’s?
- unemployment insurance act
- national housing act
- establish of government intervention and welfare state
Canada post wwll? 1960-1975
- medical care act
- Canada pension act
- petro Canada crown corporation
Canada 1990’s?
claw back
- EI cuts
- end of family allowance
- petro Canada privatization
- federal health care cuts
Canada 2000’s?
- reduced Gst from 7% to 5%
- lowered taxes
socialism?
a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
robber baron?
is a derogatory metaphor of social criticism originally applied to certain late 19th-century American businessmen who were accused of using unscrupulous methods to get rich, or expand their wealth.
new deal?
a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1936. It responded to needs for relief, reform, and recovery from the Great Depression
monetary policy?
a country that controls either the interest rate payable on very short-term borrowing or the money supply, often targeting inflation or the interest rate to ensure price stability and general trust in the currency.
